CHICAGO (MarketWatch) -- NBA Commissioner David Stern will step down from that role Feb. 1, 2014, the NBA said on its website Thursday. Stern will be replaced by Deputy Commissioner Adam Silver. During a press conference streamed at NBA.com, Stern said "this seemed to be a great time" to step aside because things "are in great shape." He said he is satisfied with the league's profitability, competitive balance, and progress in areas such as social media. "I feel great, I love my job, but this seemed to be the right time."